Illinois Gasoline and Fuel Sales Excise Tax audit
By: Mansoor Ansari
When you are buying and/or selling gas in Illinois, it is very unclear where your money is going. This blog is not written for the mere purpose of smearing the state of IL. I try my best to educate my clients on their audit, their obligations as a vendor of gasoline, as well as to deter future owners of buying a gas station in Illinois and the Chicagoland area.
Let’s break down the hidden costs as if you were to purchase 15 gallons of gas:
Gallons: 15
Price/Gallon $2.41
Taxes
Federal Motor fuel excise tax $0.18
Illinois environmental tax $0.01
Illinois state sales tax $0.11
Illinois excise tax $0.19
Cook County and city excise tax $0.11
County home rule sales tax $0.01
Home rule rule sales tax $0.02
Regional Transportation sales tax $0.02
Raw Price of gas = $1.75 TOTAL: $26.18
Tax Bill = $0.66 TOTAL TAX: $9.97
Call our office to discuss your Illinois Gasoline and Fuel Sales Excise Tax audit.